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Sunday, November 29 - 2009

Al Futtaim and Aldar sign agreement to build Mideast's largest Ikea store on Yas Island

  • United Arab Emirates: Wednesday, September 16 - 2009 at 15:53
  • PRESS RELEASE

Aldar Properties, Abu Dhabi's leading property development, investment and management company, today announced that it has signed an agreement with Al Futtaim to build the largest Ikea store in the MENA region on Yas Island, Abu Dhabi.

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  • Ahmed Ali Al Sayegh, Chairman of Aldar Properties and Omar A. Al-Futtaim, Vice Chairman and Chief Executive Officer, Al-Futtaim signing the agreement.
    Ahmed Ali Al Sayegh, Chairman of Aldar Properties and Omar A. Al-Futtaim, Vice Chairman and Chief Executive Officer, Al-Futtaim signing the agreement.
Yas Island, Aldar's new leisure destination and host venue of the inaugural Formula 1™ Etihad Abu Dhabi Grand Prix, was selected for its ideal location in the centre of the new growth area for Abu Dhabi and its accessibility via a convenient and well planned road network. The ten-lane Shahama-Saadiyat Highway which passes through Yas Island will further increase the new store's attractiveness as a shopping location as well as provide excellent brand positioning and visibility.

This new store will be just one part of Yas Island's retail offering centred around Yas Mall "Super Regional Mall" serving local and international markets. Optimally located, with a strong mix of famous brands from around the world, the mall will feature a wide range of retail categories from individual boutiques to large format value retailers.

Omar A. Al-Futtaim, Vice Chairman and Chief Executive Officer, Al-Futtaim, said,
"We are delighted to be part of Al Dar's breathtaking destination which will eventually attract visitors throughout the year to its world class facilities. It has been an Al-Futtaim group tradition to provide our customers with the best brands and services and the new Ikea store, which will be the biggest in the Middle East, endorses that commitment."

Mr. Ahmed Ali Al Sayegh, Chairman of Aldar Properties, added:
"It is a great honour that Al Futtaim have selected Yas Island as the site for this major Ikea store. The presence of this major international retail brand fits perfectly with our vision for Yas Island as an unrivalled shopping and entertainment destination."


In addition to the state of the art Yas Marina Circuit that will host major motorsport events and other activities throughout the year, Yas Island will be home to seven hotels including the signature Yas Hotel, Yas Marina, a super-yacht marina with capacity for over 140 yachts.

Yas Links Golf, the first "Links" Golf Course in the Middle East and Ferrari World Abu Dhabi, the world's first Ferrari theme park. Further leisure, hospitality and residential elements are planned for Yas Island.
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Notes and media contacts

About Aldar Properties:
Aldar Properties PJSC is Abu Dhabi's leading property development, management and investment company. It listed on the Abu Dhabi Securities market in 2004. Aldar was established to support the region's infrastructure through the creation of high quality, attractive and sustainable communities equipped with residential, commercial, retail, leisure, hospitality, education and medical facilities.

Aldar's diverse property portfolio includes major developments and re-developments within Abu Dhabi including Yas Island, Al Raha Beach, Central Market, Nareel Island, and Noor Al Ain. The company owns over 50 million square metres of land in strategic locations throughout the Emirate.

About Al-Futtaim:
Established in the 1930s, Al-Futtaim initially operated as a trading company. Rapid development throughout the 1940s and 1950s saw the company establish itself regionally as an integrated commercial, industrial and services organisation, positioning itself as one of the leading businesses in the lower Gulf region.

Headquartered in Dubai, United Arab Emirates, Al-Futtaim is structured into seven operational divisions; Automotive, Engineering, Electronics & Technology, Retail, Financial Services, General Services, Real Estate and Joint Ventures.

Today, Al-Futtaim operates through more than 65 companies in sectors as diverse as commerce, industry and services, and employs in excess of 20,000 people across the UAE, Bahrain, Kuwait, Qatar, Oman, Egypt, Saudi Arabia, Sri Lanka, Syria, Pakistan, Singapore and Europe.

The majority of businesses, built on a portfolio of world leading brands, dominate their sector. The success of Al-Futtaim is attributed to proactively managing change while upholding the values of integrity, service and social responsibility.

For more details:
Mona Zayati
Media Relations Specialist
Aldar Properties PJSC
P.O. Box 51133, Abu Dhabi, UAE
Tel: +971 2 696 4444
Dir: +971 2 696 4729
Fax: +971 2 6417514

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